WHAT IS A 112% MORTGAGE? – Spain


How often do we hear “I gave it 110%”? Which we know isn’t possible because giving your all will still only be 100%!!

So how can you have a 112% mortgage in Spain?

In Spain when you buy a property there are taxes to pay, which are mainly a purchase tax. So on top of the basic price of your property, these amounts have to be allowed for. So, in all, the purchaser will pay approx 112% of the purchase price. However, there is one Spanish bank who are offering the full amount to cover this.

There is a Spanish Bank – who are currently offering this level of finance ( subject to status). and the present rate for Year one is normally based on ” Euribor + 0.90%” which at today’s date equates to an interest rate of approx 1.5%per year.

The media have reported recently that non-Spanish residents cannot obtain more than 60-70% finance from Spanish sources. This is not true as we have client who can vouch to this.


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